Business
Update on funding to accelerate commercial growth
Update on funding to accelerate commercial growth.
About this update from Verici Dx Plc
[{"type":"text","content":"\n\n\n \nVerici Dx plc\n(\"Verici Dx\" or the \"Company\")\n \nUpdate on funding to accelerate commercial growth\n \nVerici Dx Plc, (AIM: VRCI), a developer of advanced clinical diagnostics for organ transplant, provides an update on its plans to raise funds to enable the Company to accelerate commercial growth and support the scale up of Tutivia™ revenues, having secured Medicare Coverage for Tutivia™, as announced in April 2025.\n \nFurther to the announcement on 7 April 2025, the Company is proposing to carry out an equity fundraising (the \"Fundraising\") to extend the Company's cash runway and enable it to achieve its commercial objectives for Tutivia™, its diagnostic test for acute rejection. The Company is working with its advisers and has received positive indications of support from a number of existing and new institutional and other investors. The Fundraising, which if completed, would extend the Company's cash runway, would provide growth finance to accelerate commercial roll-out and support the scale up of Tutivia™ revenues. The Company remains on track to deliver $3.2 million in Tutivia™ revenues for FY 2025, in-line with market expectations.\n \nThe size and structure of the Fundraising is yet to be determined by the Board, however it is anticipated to include a placing as well as the opportunity for participation by all existing shareholders via a retail offer. The allotment authorities that were granted at the General Meeting held on 27 May 2025 will be sufficient for the proposed Fundraising and so the Company would not need to obtain further authority to issue and allot new Ordinary Shares on a non-pre-emptive basis. A further update will be provided by the Company before the end of June.\n \nAs at 31 May 2025 the Company held a cash position of $1.04 million, reflecting receipt of the expected $750k milestone payment from Thermo Fisher, due under the commercial contract for the PTRA (Pre Transplant Risk Assessment) test. This and the expected receivables from the Medicare Coverage extends the Company's current cash runway, beyond previous expectations, to at least the end of July 2025.\n \n2024 Annual Results\n \nThe Company is currently working with its auditors to ensure that it announces its audited results for the year ended 31 December 2024 by the end of June ...